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Kommunal Landspensjonskasse (KLP), Norway’s largest pension fund, has confirmed that it will no longer invest in gambling or alcohol-related enterprises. KLP has recently sold stocks and bonds in such firms worth about €285 million.
The company, which has around €70 billion in assets under management, states that it will no longer invest in businesses that generate more than 5% of revenues from gambling and alcohol-related activities.
The decision affects around 90 companies, including casino group Wynn Resorts, online gambling firm Betsson, spirits and beer maker Diageo and brewers such as Carlsberg and Heineken. They have all been added to KLP’s exclusion list alongside industries it previously divested from, including tobacco firms, certain weapons makers and those involved in the mining or usage of coal.
“This is not just about what gives the highest return, but also about our investments contributing to a positive and sustainable social development. Now we have, after good conversations with our customers and owners, decided to withdraw from alcohol and gambling,” said KLP chief executive Sverre Thornes updating company’s stakeholders.
